LIBOR’s June 30 end may present challenges for servicers

The London Interbank Offered Rate (LIBOR) has been the benchmark for setting interest rates between banks since the 1970s. It has served as a common standard by which the interest rate of adjustable-rate mortgages is set, often through specific contractual terms. With LIBOR set to end as the benchmark index in June, John Levonick, regulatory compliance attorney and CEO of Canopy Financial Technology Partners, spoke with Dodd Frank Update about the transition and some things mortgage servicers should expect. Read on for more details.